8-Hour Analysis:
Big Picture: Bitcoin is now limited inside a narrow range of 19,550-18,250. Since neither buyers nor sellers have made their moves yet, prices have remained somewhat range-bound. Furthermore, under present conditions, bears have the upper hand and will once again lead the charts if bulls fail to capitalize on the given opportunity. Buyers must push Bitcoin over the 19,800 mark in order to be open to higher targets. On the contrary, failure to do so could keep Bitcoin under pressure.
On the Upside for the third time, the price in the 19,550-19,800 range has been denied. This level is becoming increasingly significant, and it will determine the next course of action. Unless and until price returns above this level and establishes a stronghold, the upside will be limited. However, a break over this level will take price to 20,400, then 20,900. While maintaining momentum over 20,900 opens the door to 21,800. MA-50 at 19,820 is also a key level to keep an eye on.
On the Downside the initial support for the day has been re-established at 18,900-18,750. This level has provided intraday support to the price. Below this, the critical support level of 18,250-17,950 comes into play once again. As long as these support holds, the possibility of a short squeeze exists. However, failure to hold this support zone would very certainly result in a re-test of the June low.
